Key Event Details

The Hon'ble High Court of Judicature at Bombay delivered a judgment on July 16, 2026, in Commercial Arbitration Petition No. 215 of 2022. The petition was initiated under Section 34 of the Arbitration and Conciliation Act, 1996 by Shah Atul P. HUF ("the Client").

The Court quashed and set aside an arbitral award dated January 6, 2022 ("the Impugned Award"). This award had been passed by the Arbitral Tribunal of the National Commodity & Derivatives Exchange Limited (NCDEX) in remanded arbitration reference No. NCDEX/REM/ARB/018/2021-22.

Original Arbitral Award Details

The Impugned Award had directed the Client to pay the Company a sum of ₹4,93,54,947.40 (Rupees Four Crore Ninety-Three Lakh Fifty-Four Thousand Nine Hundred Forty-Seven and Paise Forty only), together with applicable interest.

Subject of Dispute

The dispute pertained to certain trading transactions in castor seed contracts conducted on the NCDEX platform during September–October 2019.

Court's Rationale

The Hon'ble High Court held that the Arbitral Tribunal had sat in appeal over the order of an Appellate Tribunal, which violates the fundamental policy of Indian Law and the principle of judicial hierarchy. The Court found this to be an exceptional case that "shocks the conscience of the Court" and used "unwarranted expressions" while setting aside the Appellate Tribunal's award. The impugned award was quashed under Section 34(2)(b)(ii) of the Arbitration Act.

Financial Impact

The Company clarifies that the judgment does not impose any monetary liability or financial obligation on the Company. Accordingly, there is no adverse financial impact on the Company arising from this judgment.

Company's Response

The Company is evaluating the judgment and the legal remedies available to it, including the possibility of initiating fresh arbitration proceedings in relation to the disputed matter.

Additional Information

The intimation will be uploaded on the company's website at https://anandrathi.com/investors.

The disclosure was signed by Chetan Prajapati, Company Secretary and Compliance Officer (Membership No. A39130) on July 17, 2026.